Engage Mutual’s Over 50s Life Insurance Plan

The over 50s plan from Engage Mutual aims to offer UK residents aged between 50 and 80 years old some reassurance that their loved ones could receive a cash lump sum upon their death. This small nest egg could be used to help your family pay towards the costs of your funeral or outstanding bills, purchase something to cherish and remember you by, or pay towards anything else to help them through this difficult time.

However, it is important to note that Engage Mutual’s over 50s life insurance is not a funeral plan and may not cover the full costs of a funeral. The buying power of the cash lump sum paid out on death will also reduce over time due to inflation.

Premiums for the plan start from £8 per month and range up to £75 per month, depending on the level of cover chosen by the policyholder. The premium chosen by the policyholder is guaranteed to not rise, it is fixed and payments will stop when the policyholder reaches the age of 90 but the cover will continue for life. UK residents between the ages of 50-80 years are eligible to apply and no medical is required. It is possible in some cases for the policyholder to pay more in premiums over the duration of the policy than the amount paid out upon death.

Due to recent changes to the Engage Mutual over 50s life cover plan, new policyholders now also have the option to claim 20% of their life cover if they are diagnosed with a serious illness; or 100% of the life cover if they are diagnosed with a terminal illness.

Policyholders are eligible to receive serious illness benefit and the remaining cover will be reduced by 20% if the serious illness benefit is paid. If the policyholder receives terminal illness benefit, the policy will cease and there will be no payout on death. The serious illness benefit and terminal illness benefit are only available after the policy has been open for 2 years.

Engage Mutual’s Over 50s Life Insurance Plan